b.well Connected Health Secures $16 Million in Series A Funding

UnityPoint Health Ventures Leads the Round with ThedaCare and Well Ventures as Co-Investors

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Mar 11, 2020, 12:40 ET

BALTIMORE, March 11, 2020 /PRNewswire/ -- b.well Connected Health, the platform designed to provide consumers a new front end to healthcare, announced today the close of a $16 million Series A investment round. The Series A round was led by UnityPoint Health Ventures, the venture capital arm of UnityPoint Health. Other investors include ThedaCare – a leading Wisconsin-based community health system, and Well Ventures – a subsidiary of Walgreens Boots Alliance, Inc (WBA). Previously, b.well raised $11.5 million in seed funding, bringing the company's total funding to over $27 million.

The b.well Connected Health platform integrates data, insights and partners into a single, customized solution, enabling individuals to take control of their healthcare experience. It provides the healthcare eco-system with a long overdue middleware, connecting separate, often complex and already existing programs, to achieve interoperability and aggregation.

The platform works horizontally across the system to consolidate a 360-degree view of consumers' real-time data, and vertically to integrate the rapidly growing point solutions to provide timely healthcare services and support to consumers that is relevant to their needs. As a result, b.well transforms the way consumers interact with their health care by empowering them with a 'first-screen' mobile platform to manage all of their healthcare in one location that is persistent, portable, and personalized.

"Over the past five years b.well has successfully partnered with self-insured employers, payers, health systems and providers by providing them the software to configure and launch their own unique digital health strategy with a sharp focus on consumer experience. Building on this strong foundation, and with increased demand for digital delivery of health services that support population health and value-based care models, we are now focusing on our growth strategy," said Kristen Valdes, Founder and CEO, b.well Connected Health. "We welcome the opportunity to work with our new directors to advance our mission to help individuals take control of their healthcare experience."

The three strategic investors will work together with b.well and their respective organizations to enhance patient experience and improve population health.

"Our goal is to make care easier and more personal," said Matthew Warrens, Managing Director of Innovation, UnityPoint Health. "b.well works to solve the fragmented and siloed health experience that consumers, including myself, have struggled with by putting the consumer at the center of their health journey. This is exactly the kind of work that's going to move the care experience needle for our patients. We're thrilled to partner with b.well on this important effort."

"Aligned with our mission of improving the health of our community, our partnership with b.well will empower patients by putting their health information at their fingertips and providing peace of mind," said Imran A. Andrabi, MD, ThedaCare President and Chief Executive Officer. "On this journey to population health, we will take our expertise outside of our walls and provide people with tools to live their best life."

b.well is also pleased to announce Austin Duke, PhD, Senior Venture Associate, UnityPoint Health Ventures, and Imran Andrabi, MD, President and CEO, ThedaCare, will join the b.well Connected Health Board of Directors. Giovanni Monti (SVP Healthcare Services) and Li Zhong (VP Global, Mergers & Acquisitions) from WBA will also join the Board of Directors in voting and non-voting capacities.

About b.well Connected Health
b.well is a healthcare technology company that provides a configurable digital platform to health care stakeholders to solve for interoperability and consolidation of point solutions through the lens of a consumer. b.well's platform is a new middleware -- software that acts like the connective tissue between applications, data and users -- which has been missing in healthcare. Our market-leading solutions are designed to simplify an overly complex health care delivery system into a seamless experience that today's consumer has come to expect.

About UnityPoint Health Ventures
Founded in 2019, UnityPoint Health Ventures makes direct investments in ideas and partners that provide an easier, more personal experience for patients and providers. As the venture capital arm of UnityPoint Health – one of the nation's most integrated health systems – the firm invests in opportunities that improve patient outcomes and reduce the cost of health care. In addition to strategic investing, UnityPoint Health Ventures provides dedicated resources to accelerate portfolio company traction within UnityPoint Health and beyond. Through relationships with more than 315 physician clinics, 21 regional and 19 community network hospitals in metropolitan and rural communities and home care services throughout its 9 regions, UnityPoint Health provides care throughout Iowa, western Illinois and southern Wisconsin. More at uphventures.org.

About ThedaCare
For more than 110 years, ThedaCare® has been committed to improving the health of the communities it serves in Northeast and Central Wisconsin. The organization delivers care to a community of more than 600,000 residents in 18 counties and employs more than 7,000 healthcare professionals. ThedaCare has 180 locations including seven hospitals located in Appleton, Neenah, Berlin, New London, Shawano, Waupaca and Wild Rose.

ThedaCare is the first in Wisconsin to be a Mayo Clinic Care Network Member, giving our specialists the ability to consult with Mayo Clinic experts on a patient's care. ThedaCare is a not-for-profit healthcare organization with a level II trauma center, comprehensive cancer treatment, stroke and cardiac programs as well as a foundation dedicated to community service.

About Walgreens Boots Alliance
Walgreens Boots Alliance is a global leader in retail and wholesale pharmacy, touching millions of lives every day through dispensing and distributing medicines, its convenient retail locations, digital platforms and health and beauty products. The company has more than 100 years of trusted health care heritage and innovation in community pharmacy and pharmaceutical wholesaling. Including equity method investments, WBA has a presence in more than 25 countries, employs more than 440,000 people and has more than 18,750 stores. WBA's purpose is to help people across the world lead healthier and happier lives. The company is proud of its contributions to healthy communities, a healthy planet, an inclusive workplace and a sustainable marketplace. The company's businesses have been recognized for their Corporate Social Responsibility. Walgreens was named to FORTUNE* magazine's 2019 Companies that Change the World list and Boots UK was recognized as Responsible Business of the Year 2019-2020 by Business in the Community. WBA is included in FORTUNE's 2020 list of the World's Most Admired Companies. This is the 27th consecutive year that WBA or its predecessor company, Walgreen Co., has been named to the list.

SOURCE b.well Connected Health